Crypto hit the racetracks with full force this month. Last week, IndyCar’s Roush Racing became the first US sports team to release their own fan token. It was also announced last week that this year’s Indy 500 will feature a Bitcoin-branded racing car provided by Ed Carpenter Racing.
Red Bull is now joining forces with the blockchain company Tezos to form a new, technically integrated partnership.
Red Bull & Tezos: The partnership
Red Bull Racing Honda announced the partnership on its website this morning and has entered into a multi-year partnership with Tezos. Tezos becomes the team’s official blockchain partner. As part of the deal, Tezos will build on Red Bull’s first NFT experience.
NFTs are clearly a point of excitement for the team. “As the Grand Prix fans are still affected by the global pandemic, the team is constantly striving to offer new, unique and immersive experiences within the framework of its platform for the commitment of the fans.”
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Tezos’ native blockchain token, XTZ, saw moderate growth Source: XTZ-USD on TradingView.com
Red Bull & Tezos: A Brand Adjustment
In the press release, Red Bull cited Tezos’ energy efficiency as the main focus. Additionally, the team has highlighted performance, identifying these two key drivers as value-driven competencies for Red Bull Racing Honda and Tezos.
Christian Horner, Honda Team Principal and CEO of Red Bull Racing stated, “Tezos’ ability to stay on top of the latest blockchain technology makes it a natural fit for the team. Horner emphasized the environmental aspect, adding that “its energy efficient design also matches our long term future environmental ambitions. As Formula 1 moves towards carbon neutrality, the low-impact method developed by Tezos will be a valuable asset. “
“The principles of Tezos are perfectly reflected in the Honda team at Red Bull Racing. That’s why we believe this is a successful partnership, ”added Hubertus Thonhauser, Chairman of the Tezos Foundation.
Tezos & Sport
Tezos is fresh from the chain’s sixth network upgrade in a row, ‘Florence’, earlier this month. The update optimized gas consumption, farm size and more.
The chain continues to rely on sports and the arts to engage with the community. The platform teamed up with major game maker Ubisoft earlier this year. The partnership integrated Ubisoft as a Tezos corporate node in the platform’s Strategic Innovation Lab. In addition, Tezos supports TrustedGoal, a sports data platform that works with sports properties such as the Russian Academy of AC Milan, Puma SE and the Emirates Group. TrustedGoal would like to use the Tezos technology to optimize player contracts and requirements for player transfers in football. Tezos also serves a number of different NFT marketplaces.
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Featured image from Pixabay, charts from TradingView.com
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